MAVI's Financial Results, Additional Measures for IHLAS, DOBUR Share Transfer: Latest Developments from BIST Companies
You can find the summary of recent company news based on the notifications made by the companies listed on Borsa İstanbul in the continuation of our content.
Mavi's 9-Month Financial Results: Increase in Revenue and Profit Turkey's leading denim and ready-to-wear brand Mavi has published its financial results adjusted for inflation for the financial period covering February 1 to October 31, 2024. The company increased its consolidated revenue by 4% compared to the same period last year, reaching 27 billion 72 million TL. Mavi Giyim Sanayi ve Ticaret A.Ş. (MAVI) achieved a net profit of 2 billion 390 million TL during this period. The company closed the first nine months with an EBITDA of 5 billion 450 million TL, resulting in an EBITDA margin of 20.1%. Despite macroeconomic conditions causing a slowdown in consumption, Mavi maintained a robust financial balance with a net cash position of 3 billion 319 million TL.
West Energy Wholesale's New Strategy West Energy Wholesale, a subsidiary of Batı Anadolu Çimento Sanayi A.Ş. (BTCIM), has decided to provide services exclusively to group companies within the West Anatolia Group starting from 2025. While the company achieved significant revenues through electricity trading transactions, it operated with relatively low profitability rates. This change implies that the high revenues generated by West Energy will not be reflected on Batıçim's balance sheet. The elimination of these effects on the consolidated balance sheet is expected to positively impact Batıçim's EBITDA figures.
IHLAS Shares Order Package Measure Borsa İstanbul announced that an order package measure will be implemented for IHLAS shares during trading, in line with the decision of the Capital Markets Board. This measure, which will come into effect from December 10, 2024, includes restrictions such as the prohibition of order cancellations and worsening order prices. The existing margin trading ban and gross settlement measures will continue alongside the order package measures.
Doğan Burda Shares Purchase Process Completed The share purchase offer process among the shareholders of Doğan Burda Dergi Yayıncılık ve Pazarlama A.Ş. (DOBUR) has been completed. Following the transfer of the 76.30% share held by Doğan Şirketler Grubu Holding A.Ş. (DOHOL) and Burda Gesellschaft mit Beschränkter Haftung, a mandatory share purchase offer decision was made. Despite the offer price set at 152.44 TL per share, no demand was received from investors during the process.
Iz Yatırım Holding and HızlıÇiçek.com Partnership Iz Girişim, a subsidiary of Iz Yatırım Holding Anonim Şirketi (IZINV), has completed partnership negotiations with HızlıÇiçek.com, one of Turkey's rapidly growing flower suppliers. Within the framework of the agreement, a convertible debt agreement worth 20 million TL has been signed for a 20% stake in Hızlı Çiçek Internet Services A.Ş. The company's conversion to equity can be carried out by December 31, 2025.
Mega Polietilen and Çak Holding Production Agreement Mega Polietilen (MEGAP) has signed a production order agreement worth 20 million TL with Çak Holding, the owner of the LTB brand. This collaboration, which operates in the ready-to-wear sector, is considered a strategic move to strengthen Mega Polietilen's market position and contribute to its growth targets.
Şekerbank and Delinquent Receivables Sales Şekerbank T.A.Ş. (SKBNK) has sold its delinquent receivable of 97.7 million TL classified as Commercial-SME to GSD Varlık Yönetim A.Ş. and its 201 million TL receivable classified as Individual-Agriculture-Retail to Sümer Varlık Yönetim A.Ş. These sales aim to positively impact the bank's balance sheet and strengthen its financial structure.
Gelecek Varlık Wins Fibabanka's Tender Gelecek Varlık Yönetimi A.Ş. (GLCVY) has successfully purchased one individual portfolio in the tender for delinquent receivables from Fibabanka. The portfolio, with a principal size of 56.2 million TL, was acquired by Gelecek Varlık with the highest bids in the tender. The sale transactions will be initiated upon approval from the bank's board of directors.
Anadolu Sigorta Halts Mobile Application Transactions After Cyber Attack Anadolu Anonim Türk Sigorta Şti. (ANSGR) has temporarily halted transactions on its Sigortam Cepte application following a cyber attack that occurred on December 9, 2024. Initial investigations revealed that the issue stemmed from unauthorized access to the mobile application messaging service. The company stated that customers' account and personal information are secure and announced that the situation would be resolved as soon as possible.